You Can Get a Reverse Mortgage Annuity If

question 6

Multiple Choice

You can get a reverse mortgage annuity if:

• A)you are willing to sell your house immediately.
• B)you buy a new home and pay only a minimal down payment.
• C)your mortgage is largely or completely paid off.
• D)you owe more in monthly mortgage interest than the annuity amount.
• E)you are willing to allow your principal mortgage balance to increase monthly.

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Definitions:

Actual Authority

Legal authority granted to an agent by a principal, either explicitly or implicitly, enabling them to perform actions on behalf of the principal.

Principal's Communications

Messages or directives from the principal (in a principal-agent relationship) that guide the agent's actions on behalf of the principal.

Express Authority

The power or permission that is explicitly granted to an individual or entity by way of spoken or written words.

Subsequent Ratification

The act of officially approving or confirming a decision or agreement after it has already been made or implemented.